Camelback surfaces as potential buyer for Sno Mountain resort

At least one potential buyer of the Sno Mountain recreation complex has surfaced.

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By JAMES HAGGERTY

poconorecord.com

By JAMES HAGGERTY

Posted Feb. 7, 2013 at 12:01 AM

By JAMES HAGGERTY
Posted Feb. 7, 2013 at 12:01 AM

» Social News

At least one potential buyer of the Sno Mountain recreation complex has surfaced.

Arthur Berry III, president and principal owner of Camelback Mountain Resort, a Tannersville skiing and water park complex, said he is considering bidding on the debt-strapped Scranton attraction.

"Being in our backyard, it would be foolish not to do the due diligence on it," Berry said. "It's a little premature. It's a very speculative situation."

Camelback's interest surfaces just weeks before Sno Mountain is scheduled to be sold at a bankruptcy auction Feb. 28. The skiing and water park complex filed for Chapter 11 protection in October, and a bankruptcy judge in December ordered the auction to address its $24 million debt.

About 12 confidential potential buyers have made formal inquiries into Sno Mountain's prospects, said Gary Seitz, the court-appointed trustee overseeing the complex's operations.

"There were only four actual tours," Seitz said.

He also believes there have been undisclosed, unofficial visits among potential buyers.

"We think there's a lot of interested parties that are just buying a lift ticket," he said.

Berry said he will continue to investigate Sno Mountain's prospects before determining whether he will bid.

"I'm very very familiar with the property. I've skied it over the years," he said.

Numerous inquiries about Sno Mountain have been directed to SSG Advisors, a Montgomery County investment banking firm appointed by the court to market the property.

"There is a strong level of interest in the assets," said Terry Kohler, a director at SSG Advisors.

However, no party has surfaced yet as a "stalking horse," which would establish a base bid to prevent potential buyers from making unacceptably low offers.

"We are working with parties that may want to be the stalking horse," Kohler said. "We expect to get more than one bid, but there is nothing certain."